Research and Markets - Global Hybrid Street Lighting Systems Market to Grow at a CAGR of 7% by 2021: Key Vendors are Eolgreen, Guangzhou HY Energy Technology, Phono Solar, Shanghai Ghrepower Green Energy & UGE
The global hybrid street lighting systems market to grow at a CAGR of 7.02% during the period 2017-2021.
The report, Global Hybrid Street Lighting Systems Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is growing urbanization. Rapid industrial development has changed the social and economic structure of the society with the transformation of an agrarian-based society to an industrial society. It has also driven the migration of the population from urban to rural areas.
According to the report, one driver in the market is demand for hybrid power sources to reduce dependence on the grid. Street lighting is provided by the local utilities. A substantial amount of money is being spent on lighting up the streets and public places during the evening and night to keep the pedestrians safe. Therefore, to reduce the energy bills, local municipalities are using off-grid systems. For instance, a standalone renewable system from a single source of renewable energy would be unreliable due to its intermittent nature.